Chinese EV maker GAC to invest in Europe even after report Beijing is against plan

State-owned automaker GAC Group plans to set up factories in Europe in an effort to mitigate the damage caused by tariffs imposed on electric vehicles (EVs) made in China.

Wei Haigang, CEO of GAC International, said expansion in Europe is an important part of the Guangzhou-based company’s growth strategy, adding that it hopes to bring a large number of electric cars to the European market next year.

“We are reviewing plans to localize production (in Europe),” he said Friday in Hong Kong. “A final decision will be made if there is a substantial demand.”

GAC International is a subsidiary that focuses on business outside China.

Wei’s comments came after Bloomberg News reported that authorities in Beijing were pressuring mainland automakers to refrain from investing in European Union (EU) countries while negotiations on EU tariffs were ongoing, citing unidentified people familiar with the matter.

The report added that the government’s request was not a mandatory order.

Wei said he was not aware of such a directive from Beijing and that GAC is adamant about tapping the European market, even with additional tariffs of up to 35.3 percent being applied to vehicles. electrics made in China.

Related News

Soul Faller – Against The Abyss Review • Metal.de

The protests explode after man dies during the violent clash in Ranchi, 15 arrested

Steph Curry Grade The celebration of ‘Night Night’ by Draymond Green in Victoria on Knicks

The pregnant woman told “not being dramatic” before her baby died after doctors ruled out the symptoms of the red flag as a “stomach insect”